Ballast Real Estate Partners Acquires Senior Housing Complex In White Bear Township For $10.8M

The Cottages of White Bear Township, a 60-unit affordable senior housing complex located at 4768 Golden Pond Lane in White Bear Township, Minnesota, was sold for $10.8 million. Built in 1997 on 9.13 acres of land, the community offers one-bedroom, two-bedroom, and three-bedroom units with rental restrictions based on household incomes not exceeding 60 percent of the area median income.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $10,800,000
• Units: 60
• Price Per Unit: $180,000
• Buyer: Jeremy Hillenbrand - Ballast Real Estate Partners

Jeremy Hillenbrand, the founder of Ballast Real Estate Partners, represented the buyer in the acquisition of The Cottages of White Bear Township. Ballast Real Estate Partners, a Milwaukee-based firm, also owns another Minnesota property, the Cottages of Cottage Grove, purchased in 2021.